Education tax planning can optimize the available breaks for saving and paying for school expenses. Here are some tips. Saving for education Section 529 plans include prepaid tuition programs and college savings accounts. Prepaid tuition programs let you buy future tuition credits at today’s rates, while college savings accounts let you set aside funds in an investment account. You get no tax deduction, but you can use the money tax-free for qualified college expenses. Coverdell education